Lee, who joined Carlyle seven years ago after spending 21 years at private equity firm Warburg Pincus, will become the firm's only CEO when Youngkin leaves at the end of September.
Youngkin, 53, will step down after over two decades at the buyout firm, having worked his way up after joining from management consultancy McKinsey & Company in 1995.
The move comes less than three years after the firm's founders - David Rubenstein, William Conway and Daniel D'Aniello - handed over the reins to Youngkin and Lee. Rubenstein and Conway remain co-executive chairmen of the U.S.-based firm.
"As the world continues to face so many challenges today, and as Carlyle is well-positioned, now is a natural point to focus my full-time efforts on community and public service efforts that I believe can make a meaningful impact," Youngkin said in a statement.
Youngkin and his wife Suzanne earlier this year launched VA Ready, a non-profit offering training for unemployed Virginians to help them find work amid the coronavirus pandemic. He has also been a donor mainly to Republican politicians.
Prior to becoming Carlyle Co-CEO, Youngkin served as Carlyle's chief operating officer and led the firm's global industrial investment team.
Carlyle had $217 billion in assets under management as of the end of March, spanning private equity, corporate credit and real estate.
By Chibuike Oguh
